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Sysco

401(k)

Plan for the retirement you've always envisioned. Available to eligible associates.

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Attention!

You must be enrolled in a Sysco-sponsored national medical plan, administered by BCBS, to access these programs.

Sysco offers a generous 401(k) plan with automatic and matching contributions to help you build your retirement savings.

You can change your 401(k) contribution percentage or investment allocations at any time. To access your account through Fidelity, go to NetBenefits.com or call Fidelity at 1-800-635-4015.

Watch a video about your 401(k).
Click here to watch a video about your 401(k).

Eligibility

All non-union associates of Sysco Corporation and its participating subsidiaries are eligible to participate. Associates whose collective bargaining agreements provide for participation in the plan are also eligible to participate at such times as those set forth in their applicable collective bargaining agreements.

Note: While this information about the 401(k) plan applies to the majority of Sysco associates, eligibility may vary due to grandfathered benefits or collective bargaining agreements.

Your Contributions

You make contributions to the 401(k) through convenient payroll deductions. You choose:

  • How much to save, from 1% to 50% of total eligible pay, up to the IRS limits.
  • If you want to save on a pre-tax, Roth or after-tax basis or a combination of all three.

The Internal Revenue Service (IRS) limits the combination of your before-tax and Roth contributions to $19,500 in 2020. This includes any before-tax and Roth contributions you made to another employer plan within the same year. You can change your contribution rate at any time.

Employee Catch-Up Contributions

If you are age 50 or over on January 1, 2020, or will be turning age 50 in 2020, you’re eligible to make additional pre-tax and/or Roth contributions (unmatched) into your 401(k) up to a maximum of $6,500 in 2020.

Company Contributions

There are two types of company contributions:

  1. Automatic – On the first of the month coincident with or following 60 days of employment, Sysco automatically contributes an amount equal to 3% of your eligible pay to your 401(k) account every pay period.
  2. Matching – In addition to the automatic contributions, Sysco makes employer-matching contributions annually to encourage you to contribute to your retirement savings plan. The Company contributes 50 cents for every dollar you contribute to the plan up to 6% of your eligible pay. If you aren’t contributing at least 6% of your pay, you are leaving money on the table!

Vesting

Vesting refers to the portion of your account that you "own." See page 2 of the Participant Guide found when you log into NetBenefits.com.

Automatic Enrollment and AIP

As an eligible associate, you’re automatically enrolled in the 401(k) on the first of the month coincident with or following 60 days of employment at a contribution rate of 3% of eligible pay. As part of automatic enrollment, you’re also enrolled in the automatic annual increase program (AIP), which increases your contribution by 1% each year until you reach 6%.

  • If you want to change the automatic contribution elections before they begin, visit NetBenefits.com or call Fidelity at 1-800-635-4015 before 60 days of employment and make your own choices.
  • If you don’t actively enroll and choose investment funds for your account, Sysco’s contributions will be invested in the Vanguard Target Retirement Fund that’s closest to your projected retirement date (based on your age).

If you wish to contribute to the Plan before you are automatically enrolled or to opt out of automatic enrollment, log in to NetBenefits.com or call Fidelity at 1-800-635-4015. Note that you’ll need to sign up for AIP if you choose to actively enroll. To do so, log in to NetBenefits.com and click Contribution Amount.

Investment Options

The 401(k) plan offers you a variety of investment options. You should research the risk and return objectives of each option, along with fees and expenses. Learn about all of your options on NetBenefits.com. Or, you can call Fidelity at 1-800-635-4015 to get expert assistance.

Naming a Beneficiary

When you become a participant, make sure you elect a beneficiary for your 401(k). A beneficiary is the person you choose to receive your 401(k) Plan benefit in the event of your death. To designate a beneficiary, visit NetBenefits.com or call Fidelity at 1-800-635-4015.

Manage Your 401(k)

You can learn about all of your options, find forms and manage your account online at NetBenefits.com. Or you can call Fidelity at 1-800-635-4015 to make changes or get expert assistance.



Are you a Sysco 401(k) plan participant? Do you need to access your 401(k) funds for coronavirus-related expenses? Learn about a Sysco 401(k) plan provision for coronavirus-related relief and an enhancement that can help you access your funds quickly.

Sysco 401(k) Plan Provision

The Sysco 401(k) plan has a special provision (Section 2103) for disaster-related relief that gives you access to your retirement funds.

This provision:

  • Provides flexibility for loans from specific retirement plans for coronavirus-related relief.
  • Waives the 10% early withdrawal penalty for distributions up to $100,000 from qualified retirement accounts for coronavirus-related purposes.
    Note: Income attributable to disaster-related distributions would be subject to tax over three years. Within those three years, you may recontribute funds to an eligible retirement plan without regard to that year’s contribution cap.

A coronavirus-related distribution is a distribution made to an individual:

  1. Who is diagnosed with COVID-19,
  2. Whose spouse or dependent is diagnosed with COVID-19, or
  3. Who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19, or other factors as determined by the Treasury Secretary.

Sysco 401(k) Plan Enhancement

When you need to take a loan or withdrawal from your 401(k) plan, it can take days or even weeks to access your funds due to waiting periods. In an effort to support our associates impacted by coronavirus, we’ve partnered with Fidelity to make Electronic Funds Transfer (EFT) and eCertified Hardships available, so you can access your funds quickly.

Electronic Funds Transfer (EFT) – Starting today, we have eliminated the 10-day waiting period for EFTs. Now, when a participant enters their banking information in NetBenefits, they no longer have a 10-day waiting period to receive funds. EFTs are immediately available for any loans or withdrawals that are $50,000 or less. In addition to eliminating wait times, this will also reduce cost to the participant.

eCertified Hardships – If you need to make a hardship withdrawal, you may be able to initiate a withdrawal in as little at 48 hours through eCertification. You can speak with a representative or initiate a qualifying hardship withdrawal anytime on NetBenefits.

To learn more about accessing your retirement funds for coronavirus-related relief, call Fidelity at 1-800-635-4015 or visit the Fidelity website. Review the rest of the content on this page to learn more about the Sysco 401(k) Plan.

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